Public Infrastructure Bank - Part II
- Rebuilding America With Interest-Free money -
"Interest-free loans for public infrastructure have been deployed several times, even in this country. It was done by the Colonies, by the founding fathers. Later, during the prolonged depression of 1837-43... Abraham Lincoln issued similar interest-free notes during the civil war. More recently, the Federal Reseve cooperated with the Treasury duringWorld War II to yield virtually the same effect, when the government borrowed money at less than 1 percent interest."
E. Ray Canterbury
"The privilege of creating and issuing money is not only the supreme prerogative of Government, but is the Government’s greatest creative opportunity. By adoption of these principles, the taxpayers will be saved immense sums of interest"
It is becoming apparent that our country is not only heading into a prolonged depression but, worse, it still remains trapped within the banker’s "Federal" Reserve cartel, with its private debt-money creation entitlement manufacturing our imprisonment and bankruptcy.
As the economy spins downward due to immense private, unproductive, debt-money creation, parasitic speculation, and unconscionable interest rates the time has come to escape from the clutches of the bankers who effectively run and ruin our economy, politics and media – all to suit their debt-money interest and fee generating purposes which have stranged the nation.
Congress must act to free the nation from interest-bearing debt not issued by our Treasury department, and not dedicated to productive purposes – like rebuilding our sagging infrastructure. It is time for a truly Public Infrastructure Bank using interest-free, Treasury-created, money and loans.
The price tag for repairing our crumbling infrastructure has reached several trillion or more. The interest that would be paid to private "Fed" debt-money bankers and their clients for this amount would be astronomical - as it already is for all our continually rolled over national debt. We simply cannot go this route, we must issue our own money, as legal tender for all debts, and put our people back to work... in productive, useful, enterprises that bequeath benefits to future generations and salvage lives being ruined.
We have the Constitutional power to create our own money and fund our own projects, only Congress stands in the way of our freedom and rescue from financial ruin and slavery to bankers – who have no interest in the public interest, unless they loan us their debt-based money.
The scandal today is seen in cities and counties who have been whipsawed by the economy and whose falling tax revenues put their bond interest payments in jeopardy and thus their credit ratings and ability to refinance. Today, we are seeing municipal bond refinance quotes as high as 15-20% interest – utterly usurious terms sure to put many cities in bankruptcy.
This is the very reason we are already seeing a partial nationalization and bailout of private banking with public money in this country - all to save us from the mess the banksters “Fed” have created with their monetary policy.
A Public Infrastructure Bank is needed now, but not the type proposed by Senate Banking Chairman Christopher Dodd and Chuck Hagel. The Dodd-Hagel “National” Infrastructure Bank Act of 2007 is claimed to be a "bipartisan measure that addresses our country’s infrastructure systems. They claim their "legislation establishes a new method by which the government can finance infrastructure projects of substantial regional or national significance more effectively with public and private capital."
This is a bill which has emerged specifically to fight off the attempts to regain public financing powers. Moreover, the "new method" in their bill does not mean with our treasury money-creation powers, but simply another high-interest, debt-money, structure forcing us to pay for everything two or three times over due to interest incurred and simply hastening national bankuptcy.
As with our national debt, and to the extent this borrowed infrastructure money is never paid down, the interest slavery is perpetual - as it has become on our ten trillion dollar "public" debt. Interest alone on "our" debt now absorbs nearly all tax revenues, necessitating yet more borrowing for criminal wars while the economy is exported under undemocratic "free trade" policies.
We borrow and spend and continue to pay debt-money interest until the collapse. We then screw more generations with yet more private debt-money leading to currency collapse, and the further enrichment, control, and power of the Wall Street investment bankers who own the Fed.
When are we going to wake up and escape from this prison? Is there anybody in Washington not working for the bankers? Are there any elected representatives who intend to actually represent the people and free them from the debt-money cartel – if only to fix our bridges and railways?
Do we have to wait for the "Greater Depression" to do anything? Can we not act now to take back the money power our founding fathers gave to us – precisely to prevent the interest-bearing private central banker debt ruin experienced in Europe for a century before 1776. John Kennedy’s executive order 11110 is still in effect – use it!
A Public Infrastructure Bank, with labor and capital equally represented, along with state governors, overseen by Congress, and funded via the Treasury Department can be established and financed under the “purse” powers of Congress. We’ve done this before, and there is no reason not to begin again – free of the Federal Reserve debt-money machine. All we need is the will... and the leadership.